Skip to content

Economy of Bhutan vs Rwanda compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $14.3B for Rwanda, ranking 170/197 and 144/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Bhutan vs Rwanda GDP by year

Bhutan
Rwanda
1x
Year GDP, current $
Bhutan Rwanda
2024 - $14,251,642,235
2023 $3,012,896,789 $14,331,722,703
2022 $2,898,227,744 $13,316,161,002
2021 $2,768,802,960 $11,078,787,090
2020 $2,457,604,334 $10,174,386,857
2019 $2,735,683,570 $10,349,300,277
2018 $2,583,335,722 $9,637,904,521
2017 $2,591,358,009 $9,252,833,891
2016 $2,357,504,761 $8,695,272,058
2015 $2,187,815,803 $8,543,760,200
2014 $2,089,079,571 $8,238,966,124
2013 $1,943,696,952 $7,819,964,030
2012 $1,973,387,228 $7,654,761,050
2011 $1,977,728,659 $6,884,913,658
2010 $1,708,880,730 $6,124,756,654
2009 $1,331,343,798 $5,674,476,969
2008 $1,317,517,835 $5,179,854,065
2007 $1,255,767,964 $4,070,507,895
2006 $942,879,879 $3,319,784,539
2005 $860,391,000 $2,933,819,766
2004 $735,348,490 $2,376,496,067
2003 $651,935,430 $2,138,237,279
2002 $559,345,264 $1,966,003,468
2001 $496,110,226 $1,966,600,715
2000 $460,733,418 $2,068,836,754
1999 $399,311,200 $2,157,108,263
1998 $363,458,381 $1,989,343,546
1997 $352,229,077 $1,851,558,197
1996 $303,408,346 $1,382,334,879
1995 $290,490,984 $1,293,535,193
1994 $258,954,708 $753,636,370
1993 $225,973,693 $1,971,525,712
1992 $240,233,531 $2,029,026,962
1991 $240,294,286 $1,911,600,237
1990 $287,765,007 $2,550,185,679
1989 $264,798,626 $2,405,022,593
1988 $272,298,067 $2,395,492,687
1987 $242,742,766 $2,157,432,668
1986 $191,218,115 $1,944,710,684
1985 $163,288,815 $1,715,626,331
1984 $160,423,494 $1,587,413,084
1983 $156,704,290 $1,479,687,587
1982 $141,439,317 $1,407,243,139
1981 $139,174,178 $1,407,062,527
1980 $128,669,201 $1,254,765,642
1979 $105,377,995 $1,109,346,131
1978 $94,086,228 $905,709,076
1977 $97,884,434 $746,650,613
1976 $88,461,263 $637,753,853
1975 $86,820,762 $571,863,500
1974 $92,901,784 $308,458,423
1973 $78,900,289 $290,746,157
1972 $70,139,867 $246,457,838
1971 $66,289,450 $222,952,504
1970 $61,812,113 $219,900,006
1969 - $188,700,037
1968 - $172,200,018
1967 - $159,560,018
1966 - $124,525,703
1965 - $148,799,980
1964 - $129,999,994
1963 - $128,000,000
1962 - $125,000,008
1961 - $122,000,016
1960 - $119,000,024

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/bhutan/rwanda | CC BY

GDP per capita in Bhutan vs Rwanda by year

Bhutan
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $1,000 $3,711
2023 $3,831 $16,215 $1,027 $3,399
2022 $3,711 $15,064 $975 $3,099
2021 $3,571 $13,459 $830 $2,733
2020 $3,192 $12,475 $779 $2,285
2019 $3,577 $12,909 $810 $2,336
2018 $3,400 $11,970 $772 $2,125
2017 $3,435 $11,677 $758 $1,968
2016 $3,152 $11,273 $730 $1,866
2015 $2,954 $10,214 $734 $1,781
2014 $2,849 $9,323 $725 $1,678
2013 $2,680 $8,667 $705 $1,512
2012 $2,751 $8,577 $707 $1,455
2011 $2,788 $7,935 $651 $1,413
2010 $2,436 $7,246 $594 $1,314
2009 $1,918 $6,466 $564 $1,241
2008 $1,920 $6,035 $528 $1,191
2007 $1,850 $5,729 $426 $1,079
2006 $1,406 $4,860 $357 $1,002
2005 $1,300 $4,523 $324 $914
2004 $1,130 $4,173 $269.5 $832
2003 $1,022 $3,942 $249 $775
2002 $896 $3,663 $234 $760
2001 $812 $3,338 $237.3 $670
2000 $772 $3,113 $251.9 $609
1999 $685 $3,017 $264.7 $554
1998 $638 $2,819 $246.2 $528
1997 $630 $2,683 $238.7 $500
1996 $553 $2,548 $206 $499
1995 $530 $2,374 $228 $514
1994 $467 $2,146 $111 $311
1993 $407 $2,001 $247 $521
1992 $416 $1,840 $264.1 $575
1991 $401 $1,657 $254 $542
1990 $488 $1,638 $346 $549
1989 $462 - $335 -
1988 $489 - $344 -
1987 $449 - $320 -
1986 $365 - $297.7 -
1985 $321 - $271.6 -
1984 $326 - $259.9 -
1983 $328 - $250.6 -
1982 $306 - $246.4 -
1981 $311 - $254.6 -
1980 $296.9 - $234.4 -
1979 $251.4 - $213.8 -
1978 $232.2 - $179.9 -
1977 $249.9 - $152.7 -
1976 $233.7 - $134.4 -
1975 $237.4 - $124.1 -
1974 $262.8 - $68.9 -
1973 $230.9 - $66.9 -
1972 $212.4 - $58.4 -
1971 $207.7 - $54.4 -
1970 $200.3 - $55.2 -
1969 - - $48.9 -
1968 - - $46 -
1967 - - $44 -
1966 - - $35.4 -
1965 - - $43.5 -
1964 - - $39 -
1963 - - $39.3 -
1962 - - $39.2 -
1961 - - $39.3 -
1960 - - $39.4 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/bhutan/rwanda | CC BY

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while Rwanda ranks 168th at $3,711.

Economic indicators

Bhutan Rwanda
Gross domestic product
$3.01B
2023
$14.3B
2024
GDP rank
170/197
2023
144/197
2024
GDP growth
4.63%
2022-2023
8.89%
2023-2024
GDP per capita
$3,831
2023
$1,000
2024
GDP per capita rank
132/197
2023
178/197
2024
GDP per capita, PPP
$16,215
2023
$3,711
2024
GDP per capita PPP rank
109/197
2023
168/197
2024
Government debt
$3.53B
2023
$9.58B
2024
Debt-to-GDP ratio
110.4%
2024
67.2%
2024
Government debt per person
$4,485
2023
$672
2024
Government debt per person rank
87/185
2023
157/185
2024
Average annual personal income after taxes
$5,506
2026
$2,194
2026
Market capitalization of domestic companies n/a
$2.75B
2024
Income share by richest 10%
22.7%
2022
33.4%
2023
Income share by poorest 10%
3.6%
2022
3.1%
2023
Government expenditure, % of GDP
27.1%
2024
28.8%
2024
Consumer prices inflation
4.3%
2023-2024
1.77%
2023-2024
Central bank interest rate n/a
6.75%
2025
Unemployment rate
3.28%
2024
11.3%
2024
Population
803385
14975051

Spending and national debt comparison by year

Bhutan
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Bhutan Rwanda
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 28.8% 67.2%
2023 28.8% 117.1% 27% 63.4%
2022 32.1% 119.9% 29.7% 60.9%
2021 36.6% 124.5% 31.6% 67.3%
2020 30.9% 116% 33.5% 68.7%
2019 24.2% 100.8% 28.2% 53.6%
2018 31.7% 103.4% 26.4% 49.2%
2017 30.6% 104.1% 25.1% 45.6%
2016 30.5% 103% 25.1% 41.1%
2015 27.5% 90.2% 26.6% 33.1%
2014 28.9% 89.8% 27.5% 29.1%
2013 32.5% 87.4% 26.2% 26.7%
2012 35.1% 71.5% 24.6% 19.1%
2011 36.1% 62.3% 24.7% 18.7%
2010 41.5% 55.8% 23.8% 18.8%
2009 39.3% 61% 22.3% 18.5%
2008 36.1% 60.6% 22.5% 18.3%
2007 33.2% 67.3% 22.4% 22.1%
2006 33.4% 80.1% 20.6% 22.5%
2005 36.4% 80.8% 19.9% 58.9%
2004 31% 76% 17.9% 80.9%
2003 34.7% 68.5% 18.5% 79.5%
2002 39.3% 57.7% 20.5% 92%
2001 50.3% 52.4% 19.1% 84%
2000 43% 44% 18.2% 86%
1999 40.2% 39.2% 22.4% 78.4%
1998 31.1% 36.4% 16.4% 70.1%
1997 37.8% 33% 17% 72.2%
1996 37.9% 36.8% 19.5% 83.4%
1995 38.6% 38.7% 18% 100.8%
1994 37.9% 53.2% 13.3% -
1993 35.2% 60.2% 20.3% -
1992 34.5% 35.6% 21.5% -
1991 30.8% 33.5% - -
1990 35.8% 27.4% - -
1989 46.8% 26.4% - -
1988 45.3% 24.7% - -
1987 47.5% 17.3% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/rwanda | CC BY

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 67.2% in Rwanda, ranking 17/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Rwanda
1x
Year Deficit/surplus, % of GDP
Bhutan Rwanda
2024 -0.17% -6.57%
2023 -4.73% -5.04%
2022 -6.95% -5.74%
2021 -5.76% -7%
2020 -1.81% -9.54%
2019 -1.49% -5.08%
2018 -1.52% -2.57%
2017 -4.49% -2.52%
2016 -2.31% -2.27%
2015 -0.49% -2.68%
2014 2.46% -3.92%
2013 -4.55% -1.27%
2012 -2.1% -2.38%
2011 -3.02% -0.86%
2010 1.92% -0.64%
2009 -0.8% 0.26%
2008 -2.57% 0.83%
2007 0.79% -1.56%
2006 -0.07% -0.03%
2005 -6.96% 1.12%
2004 1.8% 2.27%
2003 -10.2% -1.23%
2002 -4.33% -2.03%
2001 -12.2% -1.8%
2000 -3.39% -0.22%
1999 -1.28% -4.41%
1998 1.28% -2.59%
1997 -1.92% -2.22%
1996 2.55% -5.01%
1995 -0.88% -2.04%
1994 -0.13% -9.54%
1993 4.71% -6.6%
1992 -3.47% -7.21%
1991 -0.48% -
1990 -7.21% -
1989 -10.1% -
1988 1.33% -
1987 -0.56% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1987–1989, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/rwanda | CC BY

In 2023, Bhutan's government deficit, the difference between spending and revenue, was $142M, equivalent to 4.73% of GDP. This compares to Rwanda's deficit of $722M, or 5.04% of GDP.

Over the past 32 years, Bhutan recorded a fiscal deficit in 25 of those years, while Rwanda ran a deficit in 28 years. On average, Bhutan posted an annual deficit equal to 2.25% of GDP, compared to deficit of 2.92% of GDP for Rwanda.

Inflation comparison by year

Inflation
Bhutan

Rwanda
1x
Year Consumer prices inflation
Bhutan Rwanda
2024 4.3% 1.77%
2023 4.5% 19.8%
2022 5.9% 17.7%
2021 8.2% -0.39%
2020 3% 9.85%
2019 2.8% 3.35%
2018 3.6% -0.31%
2017 4.3% 8.28%
2016 3.3% 7.17%
2015 6.7% 2.53%
2014 9.6% 2.35%
2013 8.1% 5.92%
2012 10.1% 10.3%
2011 8.6% 3.08%
2010 4.8% -0.25%
2009 7.1% 12.9%
2008 6.3% 15.4%
2007 5.2% 9.08%
2006 4.9% 8.88%
2005 4.8% 9.01%
2004 3.3% 12.3%
2003 2.5% 7.45%
2002 2.9% 1.99%
2001 3.7% 3.34%
2000 7.2% 3.9%
1999 9.1% -2.41%
1998 7.6% 6.21%
1997 8.6% 12%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/bhutan/rwanda | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 6.83% in Rwanda. In 2024, inflation was 4.3% in Bhutan and 1.77% in Rwanda.

Balance of trade

Bhutan Rwanda
Current account balance
-$670M
2024
-$1.81B
2024
Current account balance ranking
114/190
2024
140/190
2024
Current account balance, % of GDP
-32%
2023
-12.7%
2024
Goods imports
$1.29B
2024
$5.55B
2024
Goods exports
$656M
2024
$3.2B
2024
Service imports
$228M
2024
$991M
2024
Service exports
$288M
2024
$1.08B
2024
Imports of goods and services, % of GDP
53.3%
2023
39.1%
2024
Exports of goods and services, % of GDP
28.4%
2023
30.8%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Bhutan Rwanda
Economic freedom 57.5 56.5
Economic freedom ranking 115/197 121/197
Property rights 69.2 60.3
Government integrity 72.2 53.9
Judicial effectiveness 61.8 27.5
Tax burden 83.4 80.6
Government spending 74.1 75.7
Fiscal health 25.8 37.5
Business freedom 67.8 60.1
Labor freedom 60.1 49.1
Monetary freedom 71.6 72.3
Trade freedom 63.4 61.8
Investment freedom 20 60
Financial freedom 20 40

Economic freedom comparison by year

Bhutan
Rwanda
1x
Year Economic freedom index
Bhutan Rwanda
2026 57.5 56.5
2025 57.5 54.8
2024 55.4 51.6
2023 59 52.2
2022 59.3 57.1
2021 58.3 68.3
2020 62.1 70.9
2019 62.9 71.1
2018 61.8 69.1
2017 58.4 67.6
2016 59.5 63.1
2015 57.4 64.8
2014 56.7 64.7
2013 55 64.1
2012 56.6 64.9
2011 57.6 62.7
2010 57 59.1
2009 57.7 54.2
2008 - 54.2
2007 - 52.4
2006 - 52.8
2005 - 51.7
2004 - 53.3
2003 - 47.8
2002 - 50.4
2001 - 45.4
2000 - 42.3
1999 - 39.8
1998 - 39.1
1997 - 38.3

Data sources: The Heritage Foundation | Economic Freedom Index (1997–2026, retrieved 2026-03-09).

GeoRank.org/economy/bhutan/rwanda | CC BY

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Rwanda
Services, % of GDP
52.8%
2023
47.6%
2024
Industry, % of GDP
29.4%
2023
21%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
24.6%
2024
GNI, Atlas method
$2.93B
2023
$14.8B
2024
GNI per capita, PPP
$15,320
2023
$3,620
2024
Total reserves including gold
$941M
2024
$2.41B
2024
Total reserves ranking
143/177
2024
123/177
2024
Net foreign direct investment
-$22.8M
2024
-$560M
2024
Net inflows of foreign direct investment
$2.82M
2024
$573M
2024
Net outflows of foreign direct investment
$0
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
3.09%
2024
Poverty at national poverty lines
12.4%
2022
27.4%
2023
Gross capital formation, % of GDP
45.3%
2023
25.9%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/bhutan/rwanda | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1997–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1987–1992, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.